Gary Gensler lost the bitcoin ETF battle. Can he win his crypto war? Part 2

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Gary Gensler lost the bitcoin ETF battle. Can he win his crypto war?

Gensler was one of three commissioners to approve the slate of bitcoin ETFs, but it’s possible this tack had more to do with sparing the SEC what would likely have been a legal onslaught should the agency decide to knock down the proposals. One wonders whether BlackRock or Fidelity, having thrown so much weight behind their proposals, would accept defeat given Grayscale’s earlier legal victory.
Gensler’s statement was a tacit admission that the market winds had turned against the SEC’s conservative crypto approach. It’s no accident that BlackRock chief Larry Fink called the launch “step one in the technological revolution in the financial markets.” The asset management giant seems all but poised to move aggressively, and new types of crypto ETFs, including those that hold spot ether, are being pursued.

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